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KPIT Cummins Nabs Panex
KPIT Cummins Infosystems Limited acquired BI, data warehousing and SAP specialist Panex Consulting Inc. this month for $558 thousand in cash and stock at closing, and cash and stock contingency payments valued at up to $1.14 million over the following three years.
KPIT Cummins, an Indian firm focusing on manufacturing, banking and finance verticals, specializes in Oracle consulting services. Panex adds SAP expertise and a substantial American "front-end" to the KPIT's Indian "back-end".
The deal also formalizes a prior relationship in which the two companies had cooperated on service delivery projects for such clients as HP.
Panex expects revenues of $7 million and net profits of $250 thousand for 2003. The companyís net worth was $500 thousand.
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